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Bank of Japan Governor Haruhiko Kuroda stressed new financial technology proffers new challenges for central banks in ensuring the stability of the banking sector.
Speaking at a seminar, the BOJ head said regulatory measures may not be effective enough to oversee fintech companies specializing in settlement services or matching the supply of and demand for funds without utilizing its assets.
Kuroda added new information technologies also resulted in financial networking being more open and cyber attacks more complex, escalating the need for regulators to heighten security.
Financial authorities supervise the sector by enforcing restrictions on the financial statements of commercial banks, including liquidity standards.
